South Korea’s Financial Services Commission Denies Reports It Will Allow Companies to Buy Cryptocurrencies

South Korea’s Financial Services Commission (FSC) has denied reports that it will allow companies to use their balance sheets to buy cryptocurrencies. Earlier this month, it was reported that the FSC was preparing to allow universities and schools to convert donations in cryptocurrencies into fiat currency. The report also stated that the FSC will allow “ordinary” companies to buy cryptocurrencies before the banking industry in the future. South Korean law does not explicitly prohibit companies from holding cryptocurrencies. However, to trade BTC, ETH and altcoins, individuals need to open bank accounts linked to cryptocurrency exchanges. The regulator’s guidelines instruct financial institutions to reject all such applications from corporate customers. Earlier, according to Korean media reports, the Financial Services Commission (FSC) of South Korea plans to allow public institutions such as universities to trade cryptocurrencies in 2025, and will eventually allow companies to open corporate crypto wallets.